Increasing transition to modern enterprise infrastructure likely to drive managed services market trends

Rapid proliferation of smart devices and rising internet penetration are major factors expected to push the demand for managed services in the years ahead. Alongside, favorable government initiatives for fast-paced adoption of cloud computing services will also lend a positive impetus to the global managed services market share. As per the latest research conducted by Global Market Insights, Inc., this business space is projected to exceed USD 350 billion by 2026.

Managed services support companies in shifting the complete business operations and processes to partner companies to strengthen business efficiency and improve operational quality. This surging emphasis on outsourcing of network monitoring, maintenance, and cybersecurity by major market players will play a pivotal role in boosting the industry outlook.

For instance, Lightstream Managed Services introduced Managed Security Services in October 2020 for its potential customers. These services consist of multiple security modules like edge defense, access defense, cloud defense, and endpoint defense. This will help businesses in managing various risks related to the enterprise infrastructure and in turn, help the company to augment its managed service offering.

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Speaking of risks, the budding technological advancements are encouraging enterprises to deploy additional tools and services to protect their business, further increasing the demand for managed backup and recovery service. The global managed services market size from the managed backup and recovery service segment is anticipated to register significant growth in the coming years as it helps businesses in analyzing the complete business environment and allow the businesses to operate in a hassle-free manner.

Due to the need for additional business efficiency and flexibility, the energy and utility enterprises segment is poised to witness notable growth in the coming years. Furthermore, the utility sector is observing rising vulnerabilities that are reported to affect infrastructure processes and control systems, propelling businesses to adopt managed infrastructure, network, and security services to maintain their focus on the main business operations.

The global managed services market is depicting expansion in various regions like Europe, the U.S., Canada, among others. Of these, the Europe managed services market is set to hold a 20% share through 2026, driven by the extensive digitization and mounting cyber incidents that are pushing enterprises to adopt managed security services.

To cite this with an example, the Hiscox Cyber Readiness Report 2019 showed that the cyberattacks on organizations in the UK amplified from 40% to 55% in 2018. Also, the big market players like Atos SE and Thales Group, offer managed security services and are growing their partner network to provide services to customers from unserved regions.

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Furthermore, the ongoing COVID-19 pandemic has fueled the worldwide managed services market share growth. The large enterprises have adopted remote work culture, in response to the COVID-19 crisis. Traditionally, the IT teams have the responsibility of monitoring and maintaining the complete infrastructure and make changes as per the business requirement. But, due to the pandemic, the organizations are adopting various managed services as well, to deal with increasing proliferation of work-from-home culture. To that end, the large enterprise segment that held the highest market share in 2019 is predicted to witness a substantial expansion.

For instance, Cerillion, a customer management, charging, and billing provider, performed well in all areas despite the pandemic as it quickly transitioned to remote delivery teams and successfully closed new sales by leveraging the virtual engagement models.

To sum up, with the businesses transitioning to modern enterprise infrastructure to allow processing of critical work processes along with the adoption of cloud, big data analytics, and IoT devices, managed service providers aim to manage and monitor infrastructural changes.